Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,922/mo
Lowest payment- Down payment
- $4,406
- Funds due
- $17,313
- Interest + MI left
- $267,493
- First ends
- Jul 2051
New loan
New conventional
$3,119/mo
+$197/mo- Down payment
- $37,699
- Funds due
- $47,658
- Interest + MI left
- $496,100
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $372,584 | $339,291 |
| Second mortgage | — | — |
| First P&I | $2,169.75 | $2,298.48 |
| Second P&I | — | — |
| Mortgage insurance | — | $67.86 |
| Taxes, insurance & HOA | $752.42 | $752.42 |
| Total housing payment | $2,922.17 | $3,118.75 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$4,406
Closing costs & prepaids$12,907
Usable credit−$0
Total buyer cash needed$17,313
Earnest money paid−$0
Remaining funds due$17,313
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,769.90
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,862.92
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$961.25
Initial HOA (3 months)$846.00
Prepaid interest, first (5 days)$248.81
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 5 days of interest to the end of the closing month.
What is left to pay
The seller already paid down the early, interest-heavy years.
Remaining first mortgage at closing24 yr 7 moOf the original 30-year loan at 4.875%
Interest already paid$103,618Through Dec 2026
Assumption only · ends Jul 2051$267,493
New conventional · ends Jan 2057$496,100